HB4843 Summary

• Establishes the Illinois Higher Education Savings Program administered by the State Treasurer to expand access to higher education through automatic savings accounts for eligible children.

• Automatically enrolls all children born or adopted after December 31, 2022 to Illinois resident parents, with enrollment beginning in 2023 using data from the Department of Public Health and Department of Revenue.

• Deposits $50 seed funds into omnibus accounts for each eligible child, with funds usable for qualified higher education expenses (tuition, fees, room and board, apprenticeships, student loan repayment) if claimed by the child's 10th birthday.

• Requires Department of Public Health to provide quarterly birth and adoption data and Department of Revenue to provide annual tax filer data on dependents and adoption credits to facilitate enrollment, with strict confidentiality protections.

• Unclaimed seed funds by the child's 10th birthday or unused funds by age 26 remain in the omnibus account for future beneficiaries; State Treasurer must file annual reports on program operations by January 31 of each year starting in 2024.